After you have studied their ability to take on debt and know exactly how much is the amount you can take mensualemnte should know how to choose the option of cheaper personal loan that fits your budget. To achieve this goal please follow these tips.
The interest rate
There are two types of interest to choose from, this can be fixed or variable. Fixed as the name implies will remain intact for the period that the contract is no fact. On the other hand if you get a variable interest rate, this is subject to some kind of economic indicator, for example 12-month Treasury Average Index (MTA), Constant Maturity Treasury (CMT) or National Average Contract Mortgage Rate. In this case the interest anger up or down according to changes having any indicator chosen.
In difficult and unstable economic times, it is much safer to get a fixed rate, even if they cost a little more in the long run they are cheaper and you can be assured that your payment will not change. You know exactly how much your monthly fee.
Beware fees
The fact that a specific type of credit have lower payments does not necessarily mean that this is lower. It also must take into account the term of this. Then the interest along with the number of payments to be realizarvan to determine the total cost of credit. This means that you should serve well your bills and see how much is the difference between the amount you are giving and the monthly payment to be paid each month. To find these exact accounts is a good idea to use credit comparators there on the Web.
associated products
Sometimes credit organizations provide loans subject to other products are obtained, for example could be an insurance of life or disability.
Sometimes the entity determines the granting of a loan to the recruitment of other products; I unseguro such as life or unemployment. This usually happens with entities that do not have an established relationship. They will open a new account which entails expenses. Such additions make the loan more expensive then estrus is something that should be taken into account when buying.
commissions
Well ask how much they charge account opening for first time or pay off the loan early. This is called prepayment penalty. On the other hand there are entities that offer as low as 0.5% interest, however charge high commissions which include the cost of financing the loan.
Be very careful especially when applying for short-term loans because the average interest rate on these is usually much higher when the time to pay this loan is shorter.
The small print
Usually commissions and interest data put them in small print at the bottom of the loan agreements along with other aspects that we are not taking into account. Then read very well and if there are things you do not understand do not be embarrassed to ask, you are on your right. Please ask and do not proceed until a satisfactory answer.
And finally, never get financial commitments that you can not pay it back as this will only worsen the situation. It would only be a temporary lifeline in the futro you would sink deeper into see to help stay afloat.